What is the development prospect of the pet industry in China?

The development prospects of the pet industry are as follows:

1. The compound annual growth rate of China's pet industry is nearly 20%, accounting for less than 10% of the global market.

With the development and prosperity of China society, the role of pets is gradually changing-cats and dogs are increasingly regarded as indispensable members of the family, rather than simple companion pets. Social media has also promoted pets to become an important part of young people's lives, and the trend of "raising cats in the cloud" has made owning pets even more desirable.

Therefore, the pet market has grown rapidly in the past 10 years. In 2020, the pet consumption market in China was 72.73 billion yuan, up by 2 1. 1% year-on-year, and the CAGR was 18.4% in 2000.

With the development of economy, the consumption of pets is also increasing. Families in most developed countries regard pets as family members and spend more and more on pets. According to Euromonitor data, in 2020, the global pet market will be about US$ 65.438+0382 billion, up 4.4% year-on-year, and the CAGR will be 3.6% of that in 654.38+00. Among them, China, Japan and the United States account for 8. 1%, 4.2% and 4 1. 1% respectively.

2. There is a big gap between China's pet raising rate and the consumption amount of a single pet and developed countries, and there is huge room for improvement.

In recent ten years, the changes of population and social structure, as well as the increase of income and adoption rate, have become the main factors to promote the growth of pet keeping rate in China. Compared with other parts of the world, the domestic pet raising rate in China in 20 19 was only about 17%, far lower than that in the United States, Australia and Britain. The pet keeping rate in China is much lower than that in developed countries, and there may be room for improvement several times in the future.

Since 20 16, the growth rate of single pet consumption in China has increased year by year, which is mainly driven by the increase of per capita disposable income and the enhancement of pet kinship. In 2020, the annual consumption of a single pet in China will be $59. Compared with other countries, the consumption of a single pet in Japan and the United States will be 365,438+07 dollars and 343 dollars respectively in 2020, and the consumption of a single pet in China is still lower than that in developed countries.